Metro Manila (CNN Philippines, February 9) — Japan is pledging assistance of ¥600 billion (roughly ₱249.5 billion) to the Philippines in a bid to support the country’s development plan to attain upper-middle income status by 2025.
In his speech Thursday at the documents exchange ceremony, Japanese Prime Minister Fumio Kishida said the support package will be conveyed until March 2024 through the active contribution of official development assistance (ODA) and private-sector investment, as part of the exchange of notes on rail development.
\”The leaders reaffirmed their distinct, continued commitment to facilitating the steady implementation of ongoing and future economic cooperation projects through the High Level Joint Committee on Infrastructure Development and Economic Cooperation toward the Philippines’ attainment of UMIC (upper-middle income country) status and beyond,\” the joint statement read.
The latest aid was lower than what the Duterte administration received in 2017, which was ¥1 trillion or approximately ₱456 billion.
According to the World Bank, upper-middle income countries have a gross national income per capita between $4,046 and $12,535.
The Philippines, currently classified as a lower-middle income country, plans to reach the status by 2025 through the Philippine Development Plan 2023-2028.
